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Markets snap three day losing streak on Thursday ahead of retail inflation and industrial output data due later during the day.
Provisionally, the 30-share Sensex gained 246 points to end at 28,905 and the 50-share Nifty climbed 73 points to close at 8,773.
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(updated at 3.30PM)Benchmark indices are seen heading to snap three-day losing streak led by index heavyweight ITC and financials having insurance subsidiaries.
Also, sentiments of the participants boosted after the International Monetary Fund said India's economy was recovering and its ability to withstand external shocks had improved, although it noted growth is likely to fall short of government targets.
At 2.25 PM, the 30-share Sensex is up 215 points at 28,874 and the 50-share Nifty is up 59 points at 8,759.
In the broader market, both the BSE Midcap index and Smallcap index are up 1% each. Market breadth on the BSE is positive with 1,563 advances against 1,160 declines.
Investors would keenly await data on industrial production for January and consumer price index for February scheduled to be announced today after market hours.
In an annual report, the IMF forecast that Asia's third-largest economy would grow by 7.5% in the 2015/16 fiscal year that starts on April 1, up from 7.2 percent in the year now ending.
According to Moody's Analytics, a research arm of the Moody's group, IIP for the month of January is expected to grow at 2%, marginally higher than 1.7% in December. But according to a Reuters poll of 24 economists, industrial output is expected to slow down to 0.65%.
Meanwhile, foreign institutional investors were net sellers in equities to the tune of Rs 445 crore on Wednesday as per provisional stock exchange data.
RUPEE
The rupee fell by six paise to a fresh two-month low of 62.82 against the US dollar today at the Interbank Foreign Exchange due to rise in the Greenback's value against other global currencies.
KEY STOCKS
On the sectoral front, all sectoral indices are trading in the positive territory with BSE Power, FMCG, Auto and Consumer durables indices trading higher up to 2%.
Cigarette maker and Index heavyweight ITC is up over 2% amid media reports that the company has raised the prices by 10-25 percent across key cigarette brands.
Consumer Durables stocks are trading firm ahead of the CPI data due later during the day. Rajesh Export, Symphony, Titan, Whirlpool India are trading higher up to 0.5%.
Capital goods are trading firm ahead of the IIP data due to be released later during the day, L&T has gained 0.6% and BHEL has gained around 1.5%. BHEL has achieved one more milestone by successfully commissioning another 270 MW coal based thermal power plant in Maharashtra.
SBI and ICICI Bank are up 0.8-2%. These banks having insurance subsidiaries are gaining on expectations that the insurance amendment Bill will be passed by the Rajya Sabha later today.
Responding to media reports which suggested that ICICI Bank is in talks to sell 5% stake in insurance unit-ICICI Prudential for around $300 million by March end, the bank has said that no such material development which would reporting under clause 36 of the listing agreement has taken place.
NTPC has gained around 3% after the company announced that it has fixed March 23, 2015, as the record date for bonus debentures.
Metal stocks have rebounded from yesterday's lows. Sesa Sterlite has gained over 2% each and Tata Steel has gained around 2.5%.
Hindalco has rebounded after the sharp fall on Wednesday following a scrutiny over the coal block allocations. The stock is up nearly 3%.
